SK’s Alliance with Nippon Oil Features Petchems Collaboration

12:14 PM MDT | July 30, 2007 | Deepti Ramesh

Energy and petrochemical firm SK Corp. (Seoul) and Japan’s largest oil company Nippon Oil Corp. (NOC; Tokyo) say they have formed a 10-year alliance, pledging to work together in all areas of the companies’ businesses. They will collaborate in petrochemicals as well as in exploration and production, lubricants, supply and trading, and in their overseas businesses. Each company will acquire a 1% stake in the other by buying shares on the stock market, under terms of the deal. SK will acquire 14.32 million NOC shares, and NOC plans to buy 1.29 million...